“I’m very proud of my time at DEDM,” Kim told The Real Deal via email. “My admiration and respect for my colleagues helped fuel strong work for amazing clients.” He added: “The financial challenges facing new development today are not a secret.”

In a statement, a spokesperson for Elliman said: “Roy Kim is a dedicated new development specialist and we wish him all the best in his next venture.”

Prior to Elliman, Kim spent nine months at Compass as the firm’s head of new development before he resigned, telling TRD at the time that “when your heart’s not in it, it’s time to go.”

Although Elliman has been expanding to new markets — this summer it said it would purchase Los Angeles-based Teles, and the firm is also acquiring Boston-based Otis & Ahearn — the new development space is increasingly competitive thanks to an oversupply of luxury condominiums.

During an earnings call in March, Chairman Howard Lorber said for Elliman’s parent company, Vector Group, there are few investment opportunities in new development. He said Vector would likely make more money from closings than it would put into new projects via its New Valley subsidiary. “We’ll take out more than we put in because we really haven’t found anything great to invest in,” he said.